Jangheung County to Provide Compensation Direct Payment for Livestock Sector FTA Damages

Compensation Direct Payments for 1,164 Hanwoo, Yukwoo, and Calf Farms Totaling 950 Million KRW

Jangheung County in Jeonnam Province (Governor Kim Sung) will provide compensation direct payments for damages in the livestock sector caused by Free Trade Agreements (FTA).

According to the county on the 18th, the 'compensation direct payment system' is a policy that partially compensates for damages to items whose prices have fallen due to a sharp increase in imports following the implementation of FTAs.

Jangheung County Office Building Exterior.

The supported items in the livestock sector for 2024 are Hanwoo, Yukwoo, and Hanwoo calves. Eligible recipients are farms that have produced Hanwoo, Yukwoo, or Hanwoo calves since before the Korea-Canada FTA came into effect (January 1, 2015) and slaughtered or shipped the relevant items in 2023.

Last year, the county accepted applications for the direct payment from July to August, conducted fact-check investigations, and finalized the list of recipients through a selection review. The total number of recipients is 1,164 farms with a total payment of 950 million KRW: 739 Hanwoo farms with 12,661 cattle receiving 672.53 million KRW, 3 Yukwoo farms with 25 cattle receiving 430,000 KRW, and 422 Hanwoo calf farms with 2,656 calves receiving 277.42 million KRW.

Governor Kim Sung said, "I hope that the compensation direct payment for damages in the livestock sector can help stabilize the management of livestock farms that have suffered losses due to the decline in cattle prices following the implementation of FTAs, even if just a little."

This content was produced with the assistance of AI translation services.